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B2K Development Sells Retail Property In Somerset For $7.1M With Buyer's Rep Michael Lombardi & Seller's Rep Michael Tuccillo - Marcus & Millichap

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SOLD
$7,065,217

New Jersey

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Retail5,670 SF
Sold 02/23/2023
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Property Image
SOLD

B2K Development Sells Retail Property In Somerset For $7.1M With Buyer's Rep Michael Lombardi & Seller's Rep Michael Tuccillo - Marcus & Millichap

1850 Easton Avenue

See Similar Deals
Retail5,670 SF
Sold 02/23/2023
Contact now

Summary

NEW JERSEY
Asset Type:Retail
Price Per Square Foot:$1,246
Total Square Footage:5,670 SF
Transaction Type:Sale

The retail property located at 1850 Easton Avenue in Somerset has been sold in a recent transaction. The property spans 5,670 square feet and was sold for a total price of $7,065,217, resulting in a price per square foot of $1,246. The sale was facilitated by Michael Tuccillo and Matthew Klang from Marcus & Millichap, representing the seller B2K Development, and Michael Lombardi from Horvath & Tremblay, who acted as the buyer's representative.

Summary of transation details

  • Property Type: Retail
  • Transaction Amount: $7,065,217
  • Address: 1850 Easton Avenue, Somerset
  • Square Footage: 5,670
  • Price Per Square Foot: $1,246
  • Seller: B2K Development
  • Seller's Representative: Michael Tuccillo & Matthew Klang - Marcus & Millichap
  • Buyer's Representative: Michael Lombardi - Horvath & Tremblay

The involvement of Michael Lombardi from Horvath & Tremblay and Michael Tuccillo and Matthew Klang from Marcus & Millichap played a pivotal role in this transaction. The representatives ensured a successful deal between the seller, B2K Development, and the buyer. The retail property at 1850 Easton Avenue offers significant investment potential in the Somerset market.

Players

Michael "Mike" Lombardi
29 deals$114.8M volume
BROKER

Matthew Klang
Marcus & Millichap
5 deals$47M volume
BROKER

Michael Tuccillo
Marcus & Millichap
27 deals$582.4M volume
BROKER

SELLER

Details

SOLD
IMAGE: Michael Tuccillo, Michael Lombardi & Matthew Klang DATE: 02/23/2023 ADDRESS: 1850 Easton Avenue MARKET: Somerset ASSET TYPE: Retail SELLER: B2K Development BUYER'S REP: Michael Lombardi (@Mike_Lombardi_Ht) - Horvath & Tremblay SELLER'S REP: Michael Tuccillo (@Gabadagalafabadada1456) & Matthew Klang - Marcus & Millichap (@MarcusMillichap_NY) (@MarcusMillichap_NewJersey) SALE PRICE: $7,065,217 SF: 5,670 ~ PPSF: $1,246 &Millichap

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

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